Hi,
I have made a property sale that was inherited from my Grandfather. The property was acquired in 1957 and the sale happened in 2016. The sale of the property happened for 20 lakhs which is less than the market value of the property which is assessed to be 26 lakhs as on date in 2016.
Since the property dates before 1-Apr, 1981, I am therefore assuming that the cost of acquisition is more than the sale price (based on the above mentioned figures) and hence there should be no Capital Gains on the Sale.
Please give your opinion if this is correct understanding.

Regards

Dear Sir/ Madam,

I am Retired Govt School Teacher age 75.
I own on house on my name.

I bought a non-NA & lay-out plot on 100 rupees bond 15 year back for 1,50,000.
Today its value is 25,00,000.

Now I wish to sell it for Rs.25,00,000 & wish to buy one used recently constructed
home for 38,00,000

In these TWO transaction I would like to avoid INCOME TAX or Tax Compliance.


Advise me how to make a deal to avoid it.


Thanking you

Tds on immovable property is deducted on consideration being more than INR 50,00,000.

Does this consideration amount includes service tax component?
What will be treatment if agreement says property value being 49,50,000 + service tax. What will be consideration in this case and will tds be deducted?
What if the agreement says 51,00,000 inclusive of taxes?

Thanks
Mohit

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For Example:
Gross Receipts: 100000
Deemed Profit 8% : 8000
(-)Interest allowable u/s 40(b): (10000)
Net: (2000)

Income from other Source: 5000

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Interest Paid (65889X2) 131778
Total 275778
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Thanks in Advance

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